Sales tax income sees rare decline
Monthly sales tax income in Wood County fell behind as July receipts totaled $752,591 compared to $773,239 last July.
The income remains slightly ahead of 2022 for the year after seven months, …
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Sales tax income sees rare decline
Monthly sales tax income in Wood County fell behind as July receipts totaled $752,591 compared to $773,239 last July.
The income remains slightly ahead of 2022 for the year after seven months, totaling $5,477,702 compared to $5,274,127 in 2022.
Winnsboro is the only Wood County entity behind 2022 levels, with receipts of $830,466 this year and $931,239 at this time last year.
For the month, Winnsboro’s rebate of $104,004 in July fell by 18% from a year ago when $126,906 came in.
Hawkins also saw its July rebate drop, to $29,553 compared to $36,143 in July 2022. The city is still ahead for the year with $290,179 compared to last year’s income of $244,664.
Quitman retail sales generated $68,538 for July, a drop of 8.2% from last year when July income was $74,699. For the year the city has received $561,638, which is a 5.7% increase over 2022 when income was $531,514 for the first seven months of the year.
The July rebates from the state comptroller’s office represent primarily sales made by retailers in May and reported to the state in June.
Six Wood County cities collect a 1.5% sales tax on top of the state’s 6.25% tax on retail sales. Wood County government assesses a half-cent sales tax, making the total tax rate 8.25% within cities – the maximum allowed by law.
Wood County also saw its income decline slightly, with receipts of $242,538 in July 2023 and $247,946 a year ago.
So far this year Wood County has received $1,727,469 in sale tax income compared to $1,642,035 a year ago.
The other three Wood County cities have received higher income for July and for the year.
Mineola receipts in July crept up just under two percent to $260,391. Sales tax generated $255,462 for the city in July 2022. The city has received $1,785,178 in 2023, a gain of 5.55% over last year.
Alba’s sales tax income jumped 55% for the month to $37,498 and for the year the city’s receipts are $208,500 for a 20.6% increase.
Yantis received a rebate for $10,067 in July, up 18.3% over July 2022. The yearly total of $74,269 represents a 22.6% rise since last year.
